How to handle a high growth business and how your accountant can help
Business growth is something that all startups and entrepreneurs hope for when they create their product or brand. Whether it’s incremental growth or fast-paced, business expansion is usually a key indicator of success and is the starting point for creating a prosperous brand. This blog aims to help you understand how to best use your growth business accountant and make the most of your finances.
There are several types of growth and each type will need to be handled differently. If this is your first time dealing with a high growth business, it can be difficult deciding how to manage your expanding organisation.
However, this is where your accountant comes in. Here at Alexander, we have a team of experienced business accountants that can help you and your organisation when you need it the most. To learn how we could help you and your high growth business read on…
Business growth strategies
There are many types of growth that your business will need to consider. However, these are the main growth strategies:
- Market penetration
- Market expansion
- Product expansion
Each of these types of growth can have different implications for your organisation, therefore it’s important to consider why your business is expanding.
Reasons for business growth
Motivations for business expansion will usually vary between firms, however there a few key reasons why organisations grow. These are:
- To increase profits
- To increase economies of scale and reduce costs
- To increase market power and dominance
- To reduce risk through diversification
- To comply with managerial motives
Some organisations may even want to achieve all of the above at the same time, however, it’s important to consider what’s right for your business.
One of the main mistakes made by growing businesses is trying to make all the decisions internally or by yourself. This self-focused perspective can hinder your growth rather than help it.
That’s why it’s important to get professional, impartial advice from the growth business accountant experts at Alexander & Co. We can assess your individual situation and suggest the best move for you to continue expanding and growing your business.
How can our business accountants and tax advisors help you?
Alexander & Co has over 40 years of experience working with different types of businesses. This allows you to get a fresh perspective on your business and avoid the costly, financial mistakes that other growing businesses have made.
Operating a high growth company is no mean feat and it’s important to get help when you need it. Alexander & Co have a wealth of expertise and insight in business accounting for growing companies that can help your organisation progress even further.